General Instructions: - This assignment is designed to challenge you to think about key decisions in creating a new business. - Please DO NOT use an existing product (e.g., iPhone) sold by an existing company/brand owner (e.g., Apple) for this assignment. You CAN create a new product or brand in an existing product category (e.g., a new smartphone). - Please Do NOT deviate from the outline template; in other words, do NOT use an essay format. - OMIT the questions and hints from your final paper. Business Plan Template: A. BUSINESS NAME What is the name of your business? Hint: When you think of the name of your business, make sure it captures the spirit of the business you are creating. B. DESCRIPTION OF BUSINESS What will your business do? Hint: Imagine you are explaining your business to a family member or a friend. The business should be easy to explain. C. FORM OF BUSINESS OWNERSHIP What form of business ownership will your business takla? Hint: Choose the best form of business ownership when starting your new business. Refer to Chapter 6 in the textbook. D. MISSION STATEMENT Provide a brief mission statement for your business Hint: In your mission statement, be sure to include the name of your business, what sets you apart from the competition, and why a consumer would want to buy from you or use your product or service. Refer to Chapter 14 in the textbook. E. BUSINESS GOALS Provide three goals you hope to accomplish for the first year of operation. Hint: Be specific and realistic with the goals you set. Refer to Chapter 14 in the textbook. F. IDEAL CUSTOMER (TARGET MARKET) Describe your ideal customer. What are they like in terms of age, income level, and so on? Hint: Define your ideal customer in terms of different types of segmentation. Refer to Chapter 11 in the textbook. G. PRODUCT Describe the features and benefits of your product or service. Hint: Explain the goods-and-services combination of your product or service. Refer to Chapter 12 in the textbook. H. PRICING What pricing strategy will you choose for your product or service? Hint: Since your business is new, choose a new product pricing strategy, specifically penetration pricing or skimming pricing. Refer to Chapter 13 in the textbook. 1. PLACE (DISTRIBUTION) Where will customers find your product or service? Hint: Indicate where you plan to make your product or service available. Refer to Chapter 13 in the textbook. J. PROMOTION How will you advertise and promote your product or service to the target market? Hint: Identify promotional mix tools you plan to use to communicate the merits of your product or service. Refer to Chapter 12 in the textbook. K. STARTUP COSTS How much money will you need to get your business started? Hint: Approximately how much money will you need to get your business off the ground? What will you spend it on? Refer to Chapter 8 in the textbook. L. FINANCING How will you finance your business? For example, will you try to get a bank loan? Borrow from friends? Sell stocks or bonds initially or as your business grows? Page 2 of 3 Hint: Specify the sources of short-term and long-term financing that you will need to fund your business. Refer to Chapter 9 in the textbook